Molded Plastic Market Size-Global Industry Share, Growth, Distribution Channel and Future Outlook to 2031| BASF SE, Eastman Chemical Company, SABIC

The global molded plastic market is estimated to surpass US$ 258.7 billion by the end of 2028 in terms of revenue, exhibiting a CAGR of 6.10% during the forecast period (2021 to 2028).

Market Overview:

Molded plastics are lightweight, durable, and inexpensive synthetic materials produced by the process of molding or thermoforming resins and other polymer materials into desired shapes. They find wide application in automotive, packaging, building and construction, electrical and electronics industries.

Market Dynamics:

The global molded plastic market is expected to witness significant growth over the forecast period, owing to growing demand from end user industries such as automotive, packaging, construction, and electrical and electronics. The automotive industry is one of the major consumers of molded plastics due to increasing usage of plastics in interior and exterior automotive parts as a substitute for heavier materials like metal. This is attributed to properties of plastics such as lightweight and high impact strength. Moreover, growing construction and infrastructure development activities around the world is fueling demand for molded plastics in various construction applications such as pipes, doors and windows.

Get Sample Report with Global Industry Analysis @ https://www.coherentmarketinsights.com/insight/request-sample/908

Rise in Demand for Molded Plastics-Increase in Automotive Production Globally

One of the key drivers for the growth of the molded plastics market has been the steady rise in global automotive production over the past few decades. Molded plastics have found widespread usage in the automotive industry for components such as instrument panels, door panels, consoles, seats, and various exterior body parts due to their light weight and ability to be easily molded into complex shapes. According to statistics, global passenger car production increased from around 73 million units in 2010 to over 90 million units in 2019. Emerging economies such as China, India, Brazil, Mexico etc. are major contributors to this growth in automotive manufacturing. As automotive production continues to expand in the coming years to meet rising consumer demand, especially in developing nations, it will translate to greater consumption of molded plastics for various interior and exterior automotive parts.

Rise in Demand for Molded Plastics- Growing Use of Molded Plastics in Healthcare Devices and Medical Equipment

Another key growth driver for the molded plastics market is the increasing incorporation of plastics in various healthcare devices and medical equipment due to their advantages over other materials. Molded plastics offer properties such as sterility, low weight, durability and resistance to corrosion which make them suitable for healthcare applications. They are widely used in fabrication of components for products such as surgical instruments, diagnostic equipment, consumables, medical devices and implants. The global medical devices market has been growing at a healthy rate of around 4-6% annually. Moreover, the ongoing COVID-19 pandemic has further accelerated demand for medical devices in 2020. The rising healthcare expenditure per capita across major regions and increasing focus on providing quality healthcare are propelling the medical devices industry higher. This uptrend bodes well for the molded plastics market as well.

Major Trend Influencing Molded Plastics Market-Rising Acceptance of Recycled Resins

Growing environmental awareness and sustainability initiatives across industries are bringing the concept of circular economy to the forefront. There is a major trend of upgrading plastic recycling facilities and incorporating more post-consumer recycled resins into the production stream. Recycled plastics reduce dependence on virgin plastic feedstock and help lower carbon footprint. While recycled plastics are still more expensive than virgin resins currently, the price differential

Worldwide major and leading players within the market are:

★ BASF SE
★ Eastman Chemical Company
★ SABIC
★ Huntsman Corporation
★ LyondellBasell Industries N.V
★ INEOS Group AG
★ Chevron Phillips Chemical Company LLC
★ Reliance Industries Limited
★ Obeikan Investment Group (OIG)
★ Takween Advanced Industries.

Don't wait, Make a strategic approach & boost your business goals with our Molded Plastic Market Forecast Report - Buy Now @
https://www.coherentmarketinsights.com/insight/buy-now/908

Segmental Overview

Molded Plastic Market segmentation offers an in-depth analysis of the various segments of the market, including application, type, end use, and region. The segmentation overview section offers crucial information about the market share, sales, and growth rate for each of the segments over the forecast period. Moreover, an examination of the relative multitude of significant sub-portions in the market has been canvassed in the report.Having a knowledge about the various segments and sub-segments helps businesses recognize the importance of factors that drive industry growth.

The titled segments and sub-section of the Molded Plastic market are illuminated below:

Global Molded Plastic Market, By Product Type:

★ By Product: Polyvinyl chloride, Polypropylene, Polystyrene, Low density polyethylene, High density polyethylene, Polyethylene Terephthalate, Engineering Plastic
★ By Technology Type: Injection molding, Blow molding, Compression molding, Film insert molding, Gas assist molding, Rotational molding, Structural form molding, Thermoforming
★ By End Use Industry: Building and Construction, Electrical and Electronics, Automotive, Packaging, Others

Regional Analysis for Molded Plastic Market:

📍 North America (United States, Canada, and Mexico)
📍 Europe (Germany, France, UK, Russia, and Italy)
📍 Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
📍 South America (Brazil, Argentina, Colombia, etc.)
📍 The Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, and South Africa)

Key Highlights of the Report

Offers a comprehensive and holistic analysis of the Molded Plastic Market.
Evaluates the competitive environments, covering partnerships, joint ventures, acquisitions, and organic growth.
Provides forecast information related to every region and sub-region of the Molded Plastic market.
Includes information on the key opportunities and challenges faced by key industry players worldwide.
Covers the Molded Plastic market's current and future market outlook on industry drivers, market restraints, and regional constraints.
The report answers a number of crucial questions, including:

➥ Which companies dominate the global Molded Plastic market?
➥ What current trends will influence the Molded Plastic market over the next few years?
➥ What are the market's opportunities, obstacles, and driving forces?
➥ What predictions for the future can help with strategic decision-making?
➥ What advantages does market research offer businesses?
➥ Which particular Molded Plastic market segments should industry players focus on in order to take advantage of the most recent technical advancements?
➥ What is the anticipated growth rate for the market economy globally?

Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/908

Contact Us:

Mr. Shah
Coherent Market Insights Pvt Ltd,
533 Airport Boulevard, Suite 400, Burlingame, CA 94010, United States
Email: sales@coherentmarketinsights.com
United States of America: +1-206-701-6702
United Kingdom: +44-020-8133-4027
Japan: +050-5539-1737
India: +91-848-285-0837

About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.